July has smallest growth in inflation since 2010

July saw the smallest yearly growth in the cost of living since 2010, with price declines in electricity and natural gas helping to offset the recent jump in gas prices, a federal agency reported Wednesday.

The Consumer Price Index for All Urban Consumers grew only 1.4 percent in July compared to the same period a year ago, the U.S. Bureau of Labor Statistics found.

In fact, prices in the month of July on a seasonally adjusted basis were unchanged, just as they were in June, the bureau found.

Meanwhile, the southern region that includes Florida actually had a slightly higher inflation rate -- 1.7 percent -- for the year as of June, according to a different BLS report released Tuesday.

However, by law, the Social Security Administration is required to use the national urban consumers index for the third quarter, from July to September, to tally up the yearly cost of living increases for seniors on Social Security.

So far, it's looking like seniors will barely get an increase in their monthly checks in 2013.

This year, seniors got a 3.6 percent cost of living adjustment after two years of no raises.

The Congressional Budget Office has predicted an 1.3 percent cost of living adjustment for 2013 in Social Security checks, but final numbers will be available after the end of the third quarter on Sept. 30.

A 1.3 percent increase would only be $13 more a month in a Social Security check of $1,000.